What Happens If I Don’t Have an Estate Plan in Ohio
Gudorf Law Group, LLC » Estate Planning
by tgudorf
2w ago
No one likes to think about end-of-life decisions, and that is understandable. It is important to know, however, that not having an estate plan can cause a lot of problems for your family after you pass away. Estate planning is about deciding what happens to your things—your money, home, and other belongings—when you’re no longer ..read more
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What is the Generation Skipping Tax (GST) in Estate Planning
Gudorf Law Group, LLC » Estate Planning
by tgudorf
1M ago
Estate planning is all about securing your legacy, ensuring that your wealth is passed down to future generations as smoothly and tax-efficiently as possible. One of the key factors that can affect how much of your estate your beneficiaries receive is the Generation Skipping Tax (GST). This federal tax plays a significant role in estate ..read more
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Surviving Spouse Rights in Ohio
Gudorf Law Group, LLC » Estate Planning
by tgudorf
6M ago
Few life transitions are more difficult than the loss of a beloved spouse. While they are grieving a life partner, a widow or widower also has to deal with their loved one’s estate, including figuring out what their own rights are to the estate. What are the rights of the surviving spouse in Ohio? The good news for a widowed spouse is that, regardless of whether the deceased had a will, they have certain rights to the estate. The bad news is it can be challenging to figure out how to exercise those rights. An experienced probate attorney can make the process much easier. Understanding Survivin ..read more
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Navigating Estate Planning for Multigenerational Families
Gudorf Law Group, LLC » Estate Planning
by tgudorf
7M ago
If you have created an estate plan to protect your spouse and children in the event of your death, you are already ahead of most people—the majority of American adults don’t have an estate plan. But if you have accumulated some wealth, or built on wealth that you have inherited, you may want to think about estate planning for multigenerational families.  Estate planning for multigenerational families means thinking beyond your own children to preserving wealth for grandchildren and perhaps future generations. Even if you have significant wealth right now, it’s a mistake to assume that tha ..read more
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Avoiding Estate Planning Scams
Gudorf Law Group, LLC » Estate Planning
by tgudorf
8M ago
If we’ve said it once, we’ve said it a thousand times: every adult needs an estate plan. But about two-thirds of Ohio adults don’t have a will or any other estate planning documents. Maybe they were busy and kept putting it off. Maybe they didn’t know exactly what type of planning they needed. But most people do intend to get around to estate planning eventually—and that intention gives many estate planning scams their power. Estate planning scams flourish in part because of what they promise: an easy path to peace of mind and protection for assets and families. But those promises often yield ..read more
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Who Has the Right to Plan Funeral Services in Ohio?
Gudorf Law Group, LLC » Estate Planning
by tgudorf
9M ago
If you have ever had to plan funeral services for a loved one, you know that there are a lot of decisions to be made. Cremation or burial? Traditional funeral service, or celebration of life? Who will be invited to attend? Where will the final resting place of the remains be?  The task of making these decisions usually falls to a spouse or other loved one. But who decides when family members disagree, or if the person closest to the deceased, like a longtime romantic partner, disagrees with the decedent’s family members about what to do? What happens if a family deliberately overrides the ..read more
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Estate Planning Post COVID
Gudorf Law Group, LLC » Estate Planning
by latte
1y ago
More than three years after COVID-19 first appeared on the scene, many aspects of our lives and world have gone back to something approaching normal: we are dining in restaurants, traveling on planes, attending work and school in person. But some things have been changed forever by the virus that took millions of lives too soon. In this blog, we will outline the changed landscape of estate planning post covid. The pandemic caught nearly everyone by surprise. People who thought they had years, perhaps decades, in which to make an estate plan, died suddenly. Families were left in grief and confu ..read more
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1035 Exchanges for Life Insurance and Annuities
Gudorf Law Group, LLC » Estate Planning
by tgudorf
1y ago
What do you do if you have a life insurance policy or annuity, and discover that another policy or annuity better meets your needs? Do you have to pay tax on the gains in your old policy before transferring the cash value to a new one?  In many cases, the answer is “no,” thanks to the availability of a “1035 exchange.” The name refers to the section of the Internal Revenue Code that allows the cash value of a life insurance policy to be transferred to a new policy of equal or greater value without taxation of the gains.  The same code section allows a non-qualified annuity to be roll ..read more
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Estate Planning 101: Incapacity Planning
Gudorf Law Group, LLC » Estate Planning
by latte
1y ago
If you asked 100 people on the street what estate planning is for, the great majority would probably say something like “to provide for your family,” or “to distribute your property after you die.” Those are certainly important reasons to have an estate plan, but there is another, equally important reason: incapacity planning. Estate planning isn’t just about what happens when you die. Many people overlook the reality that an important part of estate planning is creating a plan for the possibility that you will be incapacitated during your life. Who would take care of your financial affairs if ..read more
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What is a Community Property Trust?
Gudorf Law Group, LLC » Estate Planning
by tgudorf
1y ago
Ten states in the U.S. are classified as “community property” states, in which each partner in a marriage is considered to own half of the assets acquired during the marriage. Although community property jurisdictions constitute a small minority of states, individuals who are subject to community property laws make up a significant minority of the U.S. population, especially as two of the ten community property states are the two most populous states in the country, California and Texas. The others are Arizona, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. If you are ..read more
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